forex

Technical Analysis – GBPCAD’s signals remain bullish above the 200-day SMA

Posted on October 31, 2019 at 4:08 pm GMT

GBPCAD buyers are attempting to push above 1.7060, which is the 61.8% Fibonacci retracement of the down leg from 1.7793 to 1.5874, to retest the fresh high of 1.7092. The nearly three-month ascent seems to have backing from the bullish cross of the 50-day simple moving average (SMA) and the strengthening positive momentum in the short-term oscillators. The technical indicators reflect improving positive directional momentum, with the RSI and the stochastics (%K) sloping upwards in their approach to the overbought [..]

Technical Analysis – AUDUSD ascent capped by medium-term downtrend line and 200-day SMA

Posted on October 31, 2019 at 12:05 pm GMT

AUDUSD sellers have reemerged around 0.6930, reversing the pair back down off the downtrend line pulled from December 4. It follows a month-long climb from October 2, which took the price above the 40- and 100-day simple moving averages (SMAs). Despite the momentum indicators remaining in positive territories and the bullish cross of the 40-day SMA by the mid-Bollinger band, further improvement may not be on the cards for the pair. The RSI and the stochastics appear to be losing [..]

Technical Analysis – EURGBP consolidates as negative picture weakens

Posted on October 31, 2019 at 9:07 am GMT

EURGBP’s directional momentum has evaporated after buyers brought the one week sell off to a halt at 0.8575 on October 17, shifting the pair into a sideways market that has lasted for two weeks. Despite this, the downward slopes in the 100- and 200-period simple moving averages (SMAs) support the existing negative sentiment as sellers are in the process of pushing below the 50-period SMA. The mostly flat MACD near the zero line is barely above its red trigger line [..]

Technical Analysis – USDJPY returns to neutrality; bulls keep waiting above 109.50

Posted on October 31, 2019 at 8:06 am GMT

USDJPY spiked above the 200-day simple moving average (SMA) and the 109.00 level on Wednesday but failed to close above it, with the price resuming its previous sideways move. Technically, traders could remain indecisive in the short-term as the RSI is converging towards its 50 neutral mark, the MACD is flattening around its signal line, and the Ichimoku indicators (Kijun-sen and Tenkan-sen) are stabilizing. As long as the above indicators remain in the bullish area, upside corrections cannot be ruled out. Traders, [..]

Technical Analysis – NZDUSD steadies above 50-day MA but struggles for direction

Posted on October 30, 2019 at 3:46 pm GMT

NZDUSD has stabilized above its 50-day moving average (MA) and above the 23.2% Fibonacci retracement of the downleg from 0.6789 to 0.6203 at 0.6341 after pulling back from six-week highs. However, despite settling above this key overlap region, the oscillators point to only weak upside momentum in the near term. The RSI has flatlined just above the 50-neutral level, and although the stochastics have just completed a bullish crossover, they’ve yet to make a convincing recovery out of oversold territory. [..]

Technical Analysis – EURJPY’s climb consolidates but sustains its positive picture

Posted on October 30, 2019 at 10:22 am GMT

EURJPY has adopted a sideways market after the ascent which commenced on October 3, with weakened directional momentum undecided. Nevertheless, buyers are attempting to revisit the fresh high of 121.46 after moving back above the 40-period simple moving average (SMA) within the sideways market. The short-term oscillators reflect indistinct signals – trading around their neutral marks – despite somewhat improving. The MACD is in the positive zone, slightly above its red trigger line and the zero mark, while the RSI [..]

Technical Analysis – GBPUSD could trade positive-to-neutral in short-term

Posted on October 30, 2019 at 8:24 am GMT

GBPUSD erased a small part of its gains that drove the price near the 1.3000 key resistance area but the 1.2800 mark, which is currently viewed as a nearby support, curbed the downside correction. The short-term bias is currently looking positive-to-neutral as the RSI is reversing back towards its 70 overbought mark and the MACD keeps losing momentum below its signal line. On the other hand, trend signals seem to be turning even positive as the 20-day simple moving average [..]

Technical Analysis – EURUSD capped by cloud top; neutral in short term

Posted on October 29, 2019 at 6:43 am GMT

EURUSD has turned neutral in the short term after falling into to the Ichimoku cloud. But despite being restricted by the cloud top, the risks for the pair are to the upside as the RSI is still in positive territory, though it has flatlined, while the MACD remains some distance above zero, having just slipped below its red signal line. Another positive signal is from the Tenkan-sen line, which continues to rise and increase its distance from the Kijun-sen line. [..]

Technical Analysis – CADJPY climbs above 200-day SMA but gains capped

Posted on October 25, 2019 at 1:18 pm GMT

CADJPY buyers have pushed higher stretching the price to 83.22, which is the previous high of July 12, where advances halted. Buyers managed to surpass the 200-day simple moving average (SMA), following a rally that commenced on October 3, recouping all the losses since July. The short-term oscillators reflect a stall in positive momentum. The MACD has eased slightly but remains above its red trigger line in the positive region, while the RSI hovers flat underneath the 70 level. Further [..]

Technical Analysis – USDCAD increasingly bearish after breaking below uptrend line

Posted on October 25, 2019 at 7:43 am GMT

USDCAD came to a stop at the 1.3068 support coming from the swing low of February 1, after breaching the uptrend line drawn from 2017’s low. Sellers have kept the price below the trendline and therefore further declines are on the table, something also backed by the downward slopes of the 20-, 50- and 100-day simple moving averages (SMAs). The short-term oscillators reflect some easing but remain bearish suggesting more losses could unravel. The MACD has smoothed slightly but is [..]

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